According to Betterretailing, Philip Morris International (PMI) has revealed that sales of its heated tobacco device IQOS surpassed those of the cigarette brand Marlboro by the end of 2023.
By the end of 2023, the total number of IQOS users reached 28.6 million, an increase of 3.7 million from December 2022. The company's smoke-free products also include vape products and oral smokeless products like Zyn, accounting for nearly 40% of the company's net revenue in the fourth quarter.
PMI Chief Executive Officer Jacek Olczak stated:
We are pleased that smoke-free products accounted for nearly 40% of the company's total net revenue and gross profit in the fourth quarter. This was mainly due to the continued growth of IQOS, which now has surpassed Marlboro in net revenue.
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